If Your Home Is Not Under Contract After 30 Days, And You Have Not Received Any Offers, Should You Consider Adjusting The Price?


If Your Home Is Not Under Contract After 30 Days, And You Have Not Received Any Offers, Should You Consider Adjusting The Price?
By Scott Rogers • October 20, 2021
The answer to this question is not timeless -- it depends on the market dynamics -- so we should answer it differently now as compared to in five years ago as compared to in five years. But here's the question, again... If Your Home Is Not Under Contract After 30 Days, And You Have Not Received Any Offers, Should You Consider Adjusting The Price? Right now, in the current 2021 market, I'd say the answer is usually (but not always) yes. If your home has been on the market for 30 days and it is still available for sale (not under contract), without having received any offers, then you should likely consider adjusting the asking price of your home. After all, within that first 30 days you have likely had a good number of buyers consider your home -- either by viewing it online, driving by or walking through it. If none of these buyers have been inspired to make an offer, it is likely a good time to consider adjusting your asking price. With... a few exceptions... [1] If your home is priced in the top 10% (or 5%) of our market, you are appealing to a much smaller portion of the buyers in our market, and it might take longer for a buyer to be in the market to buy your home and you might not want to or need to adjust your asking price yet. [2] If your home is in a bit of an "out of the way" location that will only appeal to a small subset of buyers in the market, it might take longer for a buyer to be in the market to buy your home and you might not want to or need to adjust your asking price yet. You get the point... If there are plenty of potential buyers in the market to buy houses like what you are trying to sell -- and nobody has made an offer -- you should likely reconsider your pricing strategy. Again, though, this is market specific and property specific. The same advice might not apply a year or two from now -- and the same advice does not necessarily apply to every property on the market today. If we're listing your house for sale, while we'll be in constant communication in the first 30 days and thereafter, let's also plan to pause 30 days in to reconsider our pricing strategy if we haven't received any offers. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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